9780321050519

International Money and Finance

by
  • ISBN13:

    9780321050519

  • ISBN10:

    0321050517

  • Edition: 6th
  • Format: Hardcover
  • Copyright: 1999-07-01
  • Publisher: Addison-Wesley
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Summary

Melvin's International Money and Finance offers a concise survey of international finance. The basics of the foreign exchange market and the balance of payments are presented, along with accessible discussions of the most recent research findings related to exchange rate determination. Topics range from the nitty-gritty of financing international trade to intuitive discussions of overshooting exchange rates and currency substitution. The Sixth Edition has been written in the same spirit as the first five-to provide a concise survey of international money and finance suitable for undergraduate and graduate economics courses, and MBA classes.

Table of Contents

Preface xi(2)
To the Student xiii
1 The Foreign Exchange Market
1(24)
Spot Rates
1(5)
Arbitrage
6(3)
The Intradaily Activity
9(4)
Central Bank Intervention
13(2)
Black Markets and Parallel Markets
15(2)
Foreign Exchange Trading Volume
17(1)
Summary
18(1)
Exercises
19(1)
References
19(1)
Appendix 1A: Exchange Rate Indexes
19(3)
Appendix 1B: The Top Foreign Exchange Dealers
22(3)
2 The Balance of Payments
25(18)
Current Account
28(2)
Financing the Current Account
30(3)
Additional Summary Measures
33(1)
Transactions Classification
34(3)
Balance of Payments Equilibrium and Adjustment
37(4)
Summary
41(1)
Exercises
42(1)
References
42(1)
3 Past and Present International Monetary Arrangements
43(24)
The Gold Standard: 1880 to 1914
43(2)
The Interwar Period: 1918 to 1939
45(1)
The Gold Exchange Standard: 1944 to 1970
46(2)
The Transition Years: 1971 to 1973
48(1)
Floating Exchange Rates: 1973 to the Present
49(1)
The Choice of an Exchange Rate System
50(5)
Optimum Currency Areas and the EMS
55(2)
The Euro
57(1)
Currency Boards
57(2)
International Reserve Currencies
59(4)
Composite Reserve Currencies
63(1)
Multiple Exchange Rates
64(1)
Summary
65(1)
Exercises
65(1)
References
66(1)
4 Forward-Looking Market Instruments
67(18)
Forward Rates
70(1)
Swaps
71(3)
Futures
74(3)
Options
77(4)
Recent Practices
81(2)
Summary
83(1)
Exercises
83(1)
References
84(1)
5 Exchange Rates, Interest Rates, and Interest Parity
85(14)
Interest Parity
85(4)
Interest Rates and Inflation
89(1)
Exchange Rates, Interest Rates, and Inflation
90(1)
Expected Exchange Rates and the Term Structure of Interest Rates
91(3)
Summary
94(1)
Exercises
94(1)
References
95(1)
Appendix: What Are Logarithms, and Why Are They Used in Financial Research?
96(1)
What Are Logarithms?
96(1)
Why Use Logarithms in Financial Research?
97(1)
References
98(1)
6 Foreign Exchange Risk and Forecasting
99(14)
Types of Foreign Exchange Risk
99(4)
Foreign Exchange Risk Premium
103(4)
Market Efficiency
107(2)
Foreign Exchange Forecasting
109(2)
Summary
111(1)
Exercises
111(1)
References
112(1)
7 International Investment and Capital Flows
113(14)
Portfolio Diversification
113(4)
Home Bias in International Investment
117(2)
International Investment Opportunities
119(1)
Direct Foreign Investment
120(2)
Capital Flight
122(1)
Capital Inflow Issues
123(2)
Summary
125(1)
Exercises
125(1)
References
126(1)
8 Prices and Exchange Rates: Purchasing Power Parity
127(18)
Absolute Purchasing Power Parity
128(6)
Relative Purchasing Power Parity
134(1)
Time, Inflation, and PPP
135(1)
Deviations from PPP
136(4)
Overvalued and Undervalued Currencies
140(3)
Summary
143(1)
Exercises
144(1)
References
144(1)
9 Determinants of the Balance of Trade and Payments
145(24)
Elasticities Approach to the Balance of Trade
145(4)
Elasticities and J Curves
149(1)
Currency Contract Period
150(3)
Pass-Through Analysis
153(4)
The Evidence from Devaluations
157(1)
Absorption Approach to the Balance of Trade
158(1)
Monetary Approach to the Balance of Payments
159(8)
Summary
167(1)
Exercises
168(1)
References
168(1)
10 Exchange Rate Determination
169(20)
The Asset Approach
170(3)
Sterilization
173(2)
Sterilized Intervention
175(1)
Exchange Rates and the Trade Balance
176(2)
Overshooting Exchange Rates
178(3)
Equilibrium Approach
181(1)
Currency Substitution
182(2)
The Role of News
184(1)
Foreign Exchange Market Microstructure
185(2)
Summary
187(1)
Exercises
188(1)
References
188(1)
11 Import and Export Financing
189(14)
Institutions
189(4)
Executing Transactions
193(2)
Letters of Credit
195(3)
Bankers' Acceptances
198(1)
An Example of Trade Financing
199(1)
Summary
200(1)
Exercises
201(1)
References
201(2)
12 Financial Management of the Multinational Firm
203(14)
Financial Control
203(2)
Cash Management
205(3)
Intrafirm Transfers
208(3)
Capital Budgeting
211(2)
Summary
213(1)
Exercises
214(1)
References
214(1)
Appendix: Present Value
215(2)
13 The International Money Market
217(22)
Origins of Offshore Banking
218(3)
International Banking Facilities
221(2)
Offshore Banking Practices
223(4)
International Lending and Crisis
227(3)
IMF Conditionality
230(3)
Country Risk Analysis
233(2)
Summary
235(1)
Exercises
235(3)
References
238(1)
14 Macroeconomic Policy in the Open Economy
239(16)
Internal and External Macroeconomic Equilibrium
240(1)
The IS Curve
240(3)
The LM Curve
243(2)
The BP Curve
245(1)
Equilibrium
246(1)
Monetary Policy Under Fixed Exchange Rates
246(2)
Fiscal Policy Under Fixed Exchange Rates
248(1)
Monetary Policy Under Floating Exchange Rates
248(2)
Fiscal Policy Under Floating Exchange Rates
250(1)
International Policy Coordination
251(2)
Summary
253(1)
Exercises
253(1)
References
253(2)
Glossary 255(8)
Index 263

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